“Energy companies are experiencing a perfect storm which
is endangering security of supply and the transformation towards
a low-carbon economy, as well as undermining their capacity to
attract capital,” the companies said in an e-mailed statement
to European Union leaders meeting in Brussels today.

Utilities have seen prices stagnate as slowing economic
growth across Europe erodes demand. Narrowing profit margins,
government indecision on long-term price guarantees and slumping
emission costs have weakened the resolve to invest in cleaner
capacity, stalling efforts to curb use of dirtier fossil fuels.

“The lack of visibility and regulatory uncertainty will
inevitably lead to an absence of energy investments with
negative effects on security of supply, employment and
reactivation of the European economy,” said the companies,
which also included GDF Suez SA, Enel SpA and Iberdrola SA.

The signatories called for fairer pricing, “realistic and
stable” emission targets after 2020, greater EU coordination on
expanding renewables, and stronger policies to support energy
storage, shale gas and smart grids.